The Norwegian CSD, Verdipapirsentralen ASA (VPS), decided not to join T2S at the first stage, but has the intention to join later, possibly around 2019. VPS is currently working on its future road map for system and service development including account structure, harmonisation of new European standards in settlement and corporate actions as well as new regulatory requirements.

VPS recently announced that it had selected a system vendor for replacing existing core systems for both settlement and registry, with system replacement scheduled to be finalised during the second quarter of 2017. In 2014 Oslo Børs decided to sell Oslo Clearing, which it fully-owned, to SIS X-Clear.

The acquisition was closed in May and a new fee list was introduced. Implementation of a new regulatory and legal migration is still pending, but is planned for early 2015. Oslo Børs was also the first Nordic market to introduce competitive clearing – interoperability between Oslo Clearing and LCH.Clearnet took place in March 2014.

 Norwegian securities market regulators are currently rewriting the Securities Trading Act in order to implement Emir to Norwegian legislation, explains Janne Palvalin, manager at Nordea Securities Services.